A company is considering a project that would require an investment of $309,000 and would last for 8 years. The incremental annual revenues and expenses generated by the project during those 8 years would be as follows (Ignore income taxes.): $ 235,000 24,000 211,000 Sales Variable expenses Contribution margin Fixed expenses: Salaries Rents Depreciation Total fixed expenses Net operating income 31,000 44,000 39,000 114,000 $ 97,000 The cash inflows occur evenly throughout the year. The payback period of the project is closest to: (Round your answer to 1 decimal place.) Multiple Choice O 2.3 years O 3.2 years O 2.8 years O 2.0 years